TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Canadian Real Estate Investment Trust (“CREIT”) (TSX:REF.UN) today announced an extension of the deadline by which unitholders of CREIT (“Unitholders”) have to elect a form of consideration to receive under the plan of arrangement (the “Arrangement”) relating to the combination transaction with Choice Properties Real Estate Investment Trust (“Choice Properties”) previously announced on February 15, 2018.

The special meeting (the “Meeting”) of Unitholders, at which Unitholders will be asked to approve the Arrangement, remains scheduled for 10:00 a.m. (Toronto time) on April 11, 2018.  Unitholders continue to have until 5:00 p.m. (Toronto time) on April 9, 2018 to complete and return their proxy forms.

Under the Arrangement, Unitholders have the ability to choose whether to receive $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to proration. Previously, registered Unitholders had until 5:00 p.m. (Toronto time) on April 9, 2018 to make a valid election as to the form of consideration that they wished to receive under the Arrangement. The deadline for beneficial Unitholders was set out in the instructions such holders received from their broker, investment dealer or other intermediary in respect of their CREIT units.

CREIT currently expects the Arrangement to close in the second quarter of 2018, subject to satisfaction or waiver of all conditions to closing, including clearance under the Competition Act (Canada). To provide Unitholders with greater flexibility, CREIT and Choice Properties have agreed to extend the deadline by which Unitholders may make a valid election as to the form of consideration to 5:00 p.m. (Toronto time) on the business day which is three (3) business days preceding the date of closing of the Arrangement (the “Election Deadline”). CREIT will provide at least four (4) business days’ notice of the Election Deadline to Unitholders by means of a news release.

Registered Unitholders who wish to make an election, and who have not yet done so, should sign and return, if applicable, the Letter of Transmittal and Election Form and make a proper election thereunder and return it with the accompanying certificate(s) representing their CREIT units to AST Trust Company (Canada) by the Election Deadline. The Letter of Transmittal and Election has been mailed to registered Unitholders and is available under CREIT’s profile on SEDAR (www.sedar.com).

Beneficial unitholders should make an election in accordance with the instructions such holders receive from their broker, investment dealer or other intermediary.

If any Unitholder has already made an election and does not wish to change such election, no action is required.

If a registered Unitholder wishes to change an election that has already been submitted, such holder should contact AST Trust Company (Canada), the depositary for the Arrangement, at the contact information set forth in the Letter of Transmittal and Election Form for instructions. If a beneficial Unitholder wishes to change an election that has already been submitted, such holder should contact his, her or its broker, investment dealer or other intermediary for further instructions.

Unitholders who have not made a valid election by the Election Deadline (or, in the case of beneficial Unitholders, who do not provide valid election instructions to their broker, investment dealer or other intermediary) will be deemed to have elected to receive cash consideration only, subject to proration.

To implement the extension of the election deadline, CREIT and Choice Properties have also agreed to amend the form of the plan of arrangement implementing the Arrangement. The amended form of the plan of arrangement will be available at the Meeting and will also be available on CREIT’s website at www.creit.ca.

If you have any questions with regard to the procedures for voting or making your election, please contact Laurel Hill Advisory Group, our proxy solicitation agent, by telephone at 1-877-452-7184 toll-free in North America or at 416-304-0211 for collect calls outside of North America or by e-mail at assistance@laurelhill.com.

About Canadian Real Estate Investment Trust

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.

For further information

Canadian Real Estate Investment Trust

Mario Barrafato
Executive Vice President and Chief Financial Officer
416-628-7872
mbarrafato@creit.ca

Laurel Hill Advisory Group

1-877-452-7184 (toll-free for CREIT unitholders in North America)
1-416-304-0211 (collect call for CREIT unitholders outside North America)
assistance@laurelhill.com

AST Trust Company (Canada)

416-682-3860
1-800-387-0825 (toll-free)
inquiries@astfinancial.com

For additional information, visit www.creit.ca or www.sedar.com.